On June 5, 2019, GENMO members Tom Laurie, Mike Powell and Garry Marnoch met with GM's VP of Finance Amy Martin and Dave Courtney, Manager of Employment Cost Analysis. The quarter ending December 2018 saw the Canadian dollar drop 5.7%, lowest since third quarter 2015. Interest rates were down 56 basis points, the worst in developed countries. Equities declined sharply although real estate and private equity markets were positive. Nevertheless, the salaried pension plan exceeded its benchmarks by C$87 million or 1.24%, and showed a total return of 3.6%. Calendar year return was 4.17%, above the benchmark by 0.83% We spent most of the meeting looking at the Actuarial Valuation as of December 31, 2018 which the actuaries Willis Towers Watson completed May 6, 2019. The plan is fully funded! The solvency ratio has moved to 100.7%. How has this come about? Of the participants in the most recent staff reduction, over 70% elected to take a commuted value rather than monthly pension payments; this was much higher than the usual rate of about 60%. These payouts lowered the value of the asset pool, but because these folks are now off the books, the liabilities of the plan have decreased more than the depletion; and our closed plan will gain no new members. Secondly, the actuaries have increased the discount rate slightly. The net effect is an improvement in the solvency ratio from 94.9% at the end of 2017. GMCC contributed C$38 million required by the calculations for the salaried plan for 2018, and in addition put in C$25 million to cover June-December 2019. If current assumptions for mortality rates and interest rates continue unchanged, GMCC will have to make no more contributions for 2020, 2021 and beyond. The asset mix currently includes 70% fixed interest instruments, which was the target ratio last year; going forward, the target has been upped to 75% bonds, with the rest in real estate, public equities, private equities/debt. If the fund stays at 100%, GM can choose to file an AV every three years. After three AV filings (6 years from now), it will qualify under Ontario's new rules to relax to 85% and it will be required to join Ontario's Pension Benefit Guaranty Fund, from which we have been excluded by the terms of the 2009 Buyout legislation. Removal of vehicle assembly from Oshawa will not affect our future pension receipts, because they are supported by sales. Our risk has moved from plan under-funding to the vehicle market. From all of this we retirees can feel confident for the future.